Zahn Dental Sales - May/June 2017 - 32

Creating a Technology
Budget for Your Lab
We all should be operating our businesses on a budget.
We should budget payroll, supplies, insurance, rent and
other expenses as well as TECHNOLOGY. By doing so,
you know there is a sum of capital set aside to help grow
and improve your laboratory. That said, how do you
determine what the budget number should look like? I
would suggest it should be a percentage of projected
gross revenue.
Analyzing Technology Cost for the Budget:
When evaluating the dollars spent on technology, you
should look at the annual cost of a 3-5 year lease. For
instance, a $20K scanner will cost about $400 a month
over five years. A January purchase of this scanner would
have a budget cost of $4,800 (12 X $400), plus expenses
such as travel for training ($1,000) would bring the cost
for the year to $5,800.
How to Set a Budget Percentage?
Obviously, there are all different sizes of laboratories.
Generally speaking, smaller labs tend to operate with
a larger percent bottom line when compared to larger
labs. As a result, I would recommend that smaller labs
commit a larger percentage of sales into the technology
budget. Based on this approach, let's break down labs by
sales volume categories and look at what a logical budget
should look like.

4

Annual Lab Sales Spend Percent for
Technology Dollars Available
$200-500K

5%

$10-$20K

$500K-$1M

4-5%

$20-$40K

$1M-3M

2.5%-4%

$40k-$75K

$3M-$6M

1.75-2.5%

$75K-$105K

$6m and up

1.75-2%

$105K+

Please note: The numbers above are a guide and
should be customized for each laboratory.

Having a technology line item in your budget will do a
few things for your lab. First, you have decided to put a
technology spend into the current year. This will ensure
you spend time to adequately determine what new
technology you can add that will help you thrive and keep
you current. Second, you will not get stuck wanting the
next best technology with no way to fund it. And, most
importantly, you will be well-positioned to compete in
the market.

Zahn: www.zahndental.com * CAP: www.cap-us.com * CMC: www.custom-milling.com


http://www.zahndental.com http://cap-us.com http://www.custom-milling.com

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Zahn Dental Sales - May/June 2017 - Cover4
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